Ep 99: Is a 401(k) The Right Savings Tool For Retirement?

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Show Notes

When it comes to saving for retirement, many people automatically turn to the 401(k) as their go-to account. But is it really the best option for everyone? While the 401(k) is certainly a powerful tool, it may not be the best choice for all your retirement savings. In this episode, we’ll explore the pros and cons of 401(k) plans and introduce alternative retirement savings options that can help diversify your portfolio and provide flexibility for your retirement.

While it’s true that the 401(k) can offer a range of benefits, such as tax-deferred growth and employer-matching contributions, it’s important to consider whether this account alone is enough to sustain your retirement lifestyle. Putting all your savings into one tax basket can be risky and it is important to weigh the pros and cons of the 401(k) and explore other options that may better suit your needs.

Join us as we talk about taking this strategic approach to retirement planning and discuss the benefits of diversifying your tax baskets, so that you ensure a secure and comfortable retirement.

Here’s some of what you’ll learn on this episode:

  • Some of the pros of a 401(k). [3:42]
  • Some downsides to a 401(k). [6:45]
  • Thinking about tax diversification and some alternative accounts that are out there. [13:20]
  • The most underutilized account out there, in Scott’s opinion. [14:59]
  • There are a lot of benefits to the 401(k), but tax diversification is important. [20:24]

Thanks for checking out this episode of the podcast. If you’d like to learn more about financial and retirement planning, check out our YouTube channel here.


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